Paul Li Bai Qu pays $4.5M for retail in Little Neck

Paul Li Bai Qu through the entity Timeless Horizon LLC paid $4.5 million to Maurizio Prainito and Lisa Prainito through the entity Ml Realty 252-01 Northern LLC for the retail building (K2) at 252-01 Northern Boulevard in Little Neck, Queens.
The deal closed on September 29, 2022 and was recorded on October 11, 2022. The property has 5,833 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $771 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on September 9, 2016, for $4.3 million. The signatory for Maurizio Prainito and Lisa Prainito was Maurizio Prainito and Lisa Prainito. The signatory for Paul Li Bai Qu was Paul Li Bai Qu.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Paul Li Bai Qu had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Maurizio Prainito had not purchased any other properties and had not sold any properties over the same time period. The 5,833-square-foot property generated revenue of $290,976 or $50 per square foot, according to the most recent income and expense figures.

The property

The 252-01 Northern Boulevard parcel has frontage of 57 feet and is 81 feet deep with a total lot size of 4,588 square feet. The lot is irregular. The zoning is R3-1 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Little Neck, the bulk, or 31 percent of the 2.2 million square feet of commercial built space are retail buildings, with specialty buildings next occupying 20 percent of the space. In sales, Little Neck has the 28th highest sale turnover among other neighborhoods in Queens with $63.2 million in sales volume in the last two years. For development, Little Neck has had very little major development activity relative to other neighborhoods.It had 95,688 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 78,904 square feet of built space are mixed-use buildings, with retail buildings next occupying 47 percent of the space.

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